oil and gas production

Permian Basin pure-play Diamondback Energy Inc. is not budging on plans to keep oil production flat this year, despite increased market tightness because of Russia’s invasion of Ukraine, said CEO Travis Stice. Diamondback “is committed to maintaining our current production levels, providing a significant supply of energy to our country and the world,” said Stice…

First-phase production has begun at the immense Mero deepwater oil and natural gas field off the Brazilian coast. Mero is located in the Libra block, more than 150 kilometers (93 miles) off the coast of Rio de Janeiro in the prolific pre-salt area of the Santos Basin. Libra is operated by Brazilian national oil company…

Calgary-based oilsands producer Cenovus Energy Inc. is predicting a bumpy ride for North American oil and natural gas supply and for prices in light of Covid-19 relapses and Russia’s invasion of Ukraine.  “Current fundamentals suggest a tight market will persist” for natural gas, management said as part of the 1Q0222 results. “But this could be…

Banks that actively lend to the oil and natural gas sector are upbeat about strong commodity prices and rising production activity that necessitate new and expanded exploration and drilling projects – and financing to make it happen. Some are reporting loan growth as a result. Others look for increased lending to develop as the year…

Business is booming for Latin America’s upstream oil and gas segment, according to the world’s three leading oilfield services providers. The management teams of Halliburton Co., Baker Hughes Co. and Schlumberger Ltd. each reported strong year/year growth in the region during their respective first quarter earnings calls, and indicated they expect the trend to continue. …

The U.S. natural gas rig count rose three units to 141 for the week ended Friday (April 8), while the Permian Basin led a surge in oil-directed activity, according to the latest tally from Baker Hughes Co. (BKR). Oil-directed rigs increased by 13 in the United States for the week, helping to push the combined…

TC Energy Corp. is gauging customer interest in oil transportation services that would connect Oklahoma crude supply with downstream refining markets on the Texas coast. The binding open season to solicit firm commitments for oil transportation service on the Marketlink Pipeline System was launched Friday. Marketlink has a capacity of 750,000 b/d and connects to…

The Railroad Commission of Texas (RRC) reported that it issued 38% more original drilling permits year/year across the Lone Star State in February. The natural gas and oil industry regulator granted 836 drilling permits in February, compared to 606 during the same month last year. Texas, particularly the Permian Basin, has been leading “the U.S.…

The U.S. natural gas rig count climbed one unit to 138 for the week ended Friday (April 1), while continued expansion in the Permian Basin helped propel a two-rig increase in the oil patch, according to the latest numbers from Baker Hughes Co. (BKR). The overall U.S. rig count climbed three units to 673 for…